Quote:
Originally Posted by Za Ha
I was going to invest into one of these but didnt.
My first option was a new place being built at Blue Mountain. The fee that the hotel takes for maintaining your place is around 25% which to me sounded ridiculous. It cut into the profit way too much.
Second option was 1 King West in Toronto.
My girlfriends cousin owns a place there that is rented by the establishment and she said its a disaster to work with them. The fees are high, something about the property tax came out to more then it would with residential (not sure exactly what the case was) and the bottom line $ amount that she got at the end of the day isn't the greatest.
I had a place near York University which I rented and I sold cause I hated dealing with students. But financially it was by far the best bang for the buck I could find in the Toronto area. I just sold and brought all the #s to my lawyer and even she was shocked at home much the place made in 2 years.
If you have any questions feel free to hit me up at 173 198 596
|
25% doesn't sound too unreasonable, especially if there's lots of onsite amenities that people can use like gyms, pools, restaurants, etc. Is 1 King West doing this concept, I thought it was strictly a mix of hotel suites and residentials (where the hotel doesn't manage the condos).
To me, it seems like a great investment opportunity, but only in an area where you can get high turnover, like Vegas for example. I don't see this being very profitable in Toronto by comparison in the winters but summers should do well, especially when there's a festival or indy.
WG